Thursday, August 29, 2019
For the first time in August, the price drops below $10'000
Current support/resistance: $9'100/$10'000
In less than an hour, the price of Bitcoin dropped by more than $600. To reach its lowest level this month. After showing signs of long-term trend reversal (the MACD lines crossed on the week graph), it is possible that the expiration of the CME futures expiring this week caused this crash. Indeed, these futures require a significant amount of cash to settle them. A massive sale of Bitcoin is therefore likely. This is coming at the wrong time and the technical indicators point to a downward trend. However, as long as the $9'100 support holds, the price remains in a compression triangle that could lead to a recovery. However, if the price falls below this key level, $8,000 will be the next level to follow.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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